Start by preheating your oven to 325°F then liberally spray a 12-cup bundt pan with non-stick baking spray or greasing with butter or shortening and then flour.
In your mixer bowl, add butter, oil or shortening, and cream cheese and beat for 2 minutes on high speed. Slowly add in sugar beat on high speed for an additional seven minutes until very pale yellow and fluffy. There is no leavening in this cake because we add ample air to this cake by having a very long creaming period.
Next, add eggs, one at a time, combining well after each addition and scraping down the sides as needed.
Turn your mixer down to its lowest speed, and slowly add flour into batter in two increments then add salt. Be careful not to overbeat.
Lastly, add in vanilla extract, scrape down sides and mix until just combined and turn off mixer.
Pour cake batter into prepared bundt pan, and bake for 1 hour and 15 -20 minutes or until a toothpick inserted in the center of the cake comes out clean.
Cool in pan on a wire rack for 10 minutes, then invert cake on serving plate for at least an hour or until the cake is cool to the touch.
Dust with powdered sugar and serve.